STATS & FACTS
COMMUNITY BANKS FUND MORE THAN HALF OF SMALL BUSINESSES UNDER $1 MILLION.
Whether located in small towns, suburbia or big-city neighborhoods, community banks improve America’s community. They use local dollars to help families purchase homes, buy cars, finance college and build financial security. By driving local economies and creating local jobs, community banks are an integral part of our financial system and play a key role in our nation’s economic recovery.
WHY BANK LOCALLY WITH A COMMUNITY BANK?
7 Attributes to Consider When Choosing a New Bank
If you're thinking about switching banks, understanding what makes a community bank different from a large and systemically risky bank is an imperative part of your decision. Take a look at the following attributes that differentiate community banks from the pack:
1. Focused, Personal Attention
Community bankers focus attention on the needs of local families, businesses and farmers. Conversely, many of the nation's large and systemically risky banks are structured to place a priority on serving large corporations.
2. Community Banks Promote Community Growth
Unlike many larger banks that may take deposits in one state and lend in others, community banks channel most of their loans to the neighborhoods where their depositors live and work, helping to keep local communities vibrant and growing.
3. Accessible Neighbors
Community bankers are generally accessible to their customers on-site. CEOs at risky banks are often headquartered in office suites, away from daily customer dealings.
4. Emotional & Physical Community Attachment
Community bankers are typically deeply involved in local community affairs, while large-bank officers are likely to be detached physically and emotionally from the communities where their branches are located.
5. Personal Qualification
Many community banks are willing to consider character, family history and discretionary spending in making loans. Megabanks, on the other hand, often apply impersonal qualification criteria, such as credit scoring, to all loan decisions without regard to individual circumstances.
6. Local Decision Making
Community bankers offer nimble decision-making on business loans because decisions are made locally. Megabanks must often convene loan-approval committees in another state.
7. Small Business Saavy
Because community banks are themselves small businesses, they understand the needs of small-business owners. Their core concern is lending to small businesses and farms. The core concern of the mega banks is corporate America.